Will We Ever Exchange?

So, welcome to the Blog. People say that buying a house is the most stressful thing that you can do, well we are definitely experiencing that. It all started on the 14th February 2012 so that is around 14 weeks ago, seems like such a long time... Well in all honesty, it is!

It's not a complicated transaction, in fact it is probably one of the most straightforward transactions there is. Me and my Fiancee being first time buyers and the house has absolutely no chain with it.  Simple right? Wrong!



We had seen about 20 houses at least before we found the house we intend to buy. It was perfect, in our price range and meant that we could spend some money to put our stamp on it.

The real issues begin with the mortgage application... We initially used a broker who wanted to go down one route as was his recommendation, so we took it.  The application process took quite a while and despite an agreement in principle as well as constant reassurance that everything is going through, it would all be fine.  Guess what? It wasn't... After the application had sat with the "senior underwriter" for a while, we weren't what they were looking for. This meant we were now 3 weeks into the process and had got nowhere.

By this time the estate agents were applying their pressure, they needed us to start the process for the house was sure to be sold, tomorrow, maybe even yesterday such was the urgency. We had no choice but to stall this because at this point we had no mortgage. So we went to another company and two weeks later we finally had our AIP (it was a distance broker!) and were ready to put the full application through. So, now, we are 5 weeks in.

The next step was sending out the full paperwork to the broker, and this was done fairly swiftly and for the payments to be made for valuation (this is not the usual way to do things I was told, but for speed of service... yea right!) so we went for it. Bowing to pressure from the estate agent and due to a searches promise if we didn't complete, we instructed the solicitors to start searches.

Week 6, 7 and 8 we spent ensuring that all documentation was submitted. We were gifted a deposit and the hoops we had to jump through getting pieces of paper signed proving no rights on the house and that it was a gift were ridiculous. Still we pushed on and the application was ready to go in.

Weeks 9, 10 and 11... The application was being "reviewed" through this period and due to a "high level of applications" it took "longer than they would have liked' Through this time the valuations came back as well as all the searches. Joy! Major hurdles down but still no offer.

Week 12 - OFFER! Home and dry, keys next week I am sure! Surely. We have got everything, just a few documents to sign, ensure we understand everything and away we go right? No... No chance. Offer comes out, contracts get signed and returned to solicitor.  It is at this point we find out about the extra solicitor, acting on behalf of the lender and these guys want everything, in BLOOD!

Week 13 - The lenders solicitor wants all of the documents the solicitor they have to check over it before the money is released. I would assume, not being from a legal background (well, I did get a B in A level law, but this was more about Mens Rea than conveyancing) this would be fairly straightforward, as surely my solicitors had covered every base by now.

Of course this was a no...  The lenders solicitors came back with 15 queries on the documents sent over. All to be answered by our solicitors.

Week 14 - So, the 15 queries are answered and now the lenders solicitor has raised 5 more on top of that. 5 MORE. Including a document that my solicitor has only just got today. Why? I don't know, we go back to having the bases covered thing again. So that was sent out today, along with the answers to the other 4 that apparently went yesterday. By DX (which I now know is business mail) so it "should" be there tomorrow.

How many times I have heard no new news, how many times have I heard the documents were sent yesterday but haven't arrived today and how much more the lenders solicitor wants, I am not sure. What worries me is that communication seems to be all parties weaknesses.  Especially between me, my lenders solicitor and my solicitor. Maybe something new to happen on a daily basis, this close to exchange is too much to ask.

More updates to follow.